1119.26
Voluntary liquidation and surrender of license.

(A)
A foreign bank may voluntarily liquidate
and surrender its license to operate a representative office, agency, or branch
licensed under this chapter only with the consent of the superintendent of
financial institutions.

(B)
Prior
to beginning any liquidation process, the foreign bank must file an application
to voluntarily liquidate and surrender its license with the superintendent. The
application shall include a plan of liquidation that includes all of the
provisions required of a plan for voluntary liquidation of a bank under
division (C) of section
1125.03 of the Revised Code,
except that the plan of liquidation shall be limited in scope to the particular
representative office, agency, or branch to be liquidated.

(C)
After conducting an examination, the
superintendent may approve or deny a foreign bank's application to voluntarily
liquidate and surrender its license based on the superintendent's evaluation of
whether or not the interests of the representative office's, agency's, or
branch's creditors or, where applicable, depositors, will suffer by the
surrender. The superintendent's approval is subject to any condition the
superintendent may determine appropriate under the circumstances.

(D)
If the superintendent approves the
application to voluntarily liquidate and surrender a license, the foreign bank
shall comply with the requirements of divisions (A)(1) and (2) of section
1125.04 of the Revised Code.

(E)
During the implementation of
the plan of liquidation pursuant to this section, the superintendent retains
the authority to supervise the representative office, agency, or branch and may
conduct any examination relating to either the representative office, agency,
or branch or the plan of liquidation the superintendent considers necessary or
appropriate.

(F)
If the
superintendent has reason to conclude the implementation of the plan of
liquidation is not being safely or expeditiously conducted, the superintendent
may do either of the following:

(2)
Take possession of the
business and property of the representative office, agency, or branch in the
same manner, with the same effect, and subject to the same rights accorded the
foreign bank under section
1119.23 of the Revised Code.

(G)
The superintendent
shall cancel the foreign bank's license to operate a representative office,
agency, or branch under this chapter if the superintendent has approved the
voluntary liquidation and surrender of the license and both of the following
conditions have been met: